Zacks Investment Research upgraded shares of Tetra Tech (NASDAQ:TTEK) from a hold rating to a buy rating in a research note issued to investors on Friday morning. Zacks Investment Research currently has $61.00 target price on the industrial products company’s stock.
According to Zacks, “In first-quarter fiscal 2019, Tetra Tech's earnings surpassed the Zacks Consensus Estimate by 12.9% and increased 7.7% year over year. In the past year, the company’s shares have outperformed the industry. Tetra Tech has had a solid run in recent times, owing to its impressive top-line growth and restructuring efforts. The company remains bullish about its growth across all four client sectors, namely, U.S. federal, U.S. state and local, the U.S. commercial work and international. Excellent visibility with backlog and a robust pipeline of infrastructure projects in all the markets should lead to solid growth for the company. Moreover, its robust financial health and diligent capital deployment strategies signal brighter days ahead.”
TTEK has been the topic of a number of other research reports. BidaskClub lowered Tetra Tech from a hold rating to a sell rating in a report on Tuesday, December 4th. Maxim Group reaffirmed a buy rating and issued a $87.00 target price on shares of Tetra Tech in a report on Friday, January 11th. Robert W. Baird raised their target price on Tetra Tech from $63.00 to $70.00 and gave the company a hold rating in a report on Thursday, November 8th. ValuEngine lowered Tetra Tech from a buy rating to a hold rating in a report on Tuesday, January 29th. Finally, Boenning Scattergood reaffirmed a buy rating and issued a $80.00 target price on shares of Tetra Tech in a report on Thursday, December 6th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Tetra Tech presently has an average rating of Buy and an average target price of $70.00.
Tetra Tech (NASDAQ:TTEK) last released its earnings results on Wednesday, January 30th. The industrial products company reported $0.70 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.62 by $0.08. The firm had revenue of $553.36 million for the quarter, compared to analyst estimates of $558.46 million. Tetra Tech had a return on equity of 16.02% and a net margin of 4.55%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. Research analysts expect that Tetra Tech will post 2.96 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, February 28th. Stockholders of record on Wednesday, February 13th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.84%. The ex-dividend date is Tuesday, February 12th. Tetra Tech’s payout ratio is presently 18.18%.
In other news, Director Kirsten M. Volpi sold 1,200 shares of Tetra Tech stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $66.94, for a total transaction of $80,328.00. Following the sale, the director now owns 8,801 shares of the company’s stock, valued at approximately $589,138.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director J Christopher Lewis sold 3,261 shares of Tetra Tech stock in a transaction that occurred on Friday, February 8th. The stock was sold at an average price of $55.69, for a total value of $181,605.09. Following the sale, the director now directly owns 59,269 shares in the company, valued at approximately $3,300,690.61. The disclosure for this sale can be found here. Insiders have sold a total of 92,568 shares of company stock worth $5,669,665 in the last three months. 3.00% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Comerica Bank grew its holdings in shares of Tetra Tech by 0.7% during the 4th quarter. Comerica Bank now owns 54,167 shares of the industrial products company’s stock worth $2,633,000 after purchasing an additional 359 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Tetra Tech by 11.2% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,847 shares of the industrial products company’s stock valued at $199,000 after buying an additional 387 shares in the last quarter. Piedmont Investment Advisors Inc. boosted its stake in Tetra Tech by 3.3% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 13,174 shares of the industrial products company’s stock valued at $682,000 after buying an additional 426 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in Tetra Tech by 1.5% in the 4th quarter. State of Tennessee Treasury Department now owns 37,903 shares of the industrial products company’s stock valued at $1,963,000 after buying an additional 551 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in Tetra Tech by 8.4% in the 4th quarter. Commonwealth Equity Services LLC now owns 7,368 shares of the industrial products company’s stock valued at $381,000 after buying an additional 568 shares in the last quarter. 85.70% of the stock is currently owned by institutional investors.
About Tetra Tech
Tetra Tech, Inc provides consulting and engineering services worldwide. It operates through Government Services Group (GSG) and Commercial/International Services Group (CIG) segments. The GSG segment offers early data collection and monitoring, data analysis and information technology, science and engineering applied research, engineering design, construction management, and operations and maintenance services; and climate change and energy management consulting, as well as greenhouse gas inventory assessment, certification, reduction, and management services.
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